by The global prosthetics and orthotics market size is estimated at USD 8.79 billion in 2024 and is predicted to surpass around USD 13.94 billion by 2034 with a CAGR of 4.72%.
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Key Points
- With a 40% market share, North America emerged as the leading region in 2024.
- The Asia-Pacific region is forecasted to experience the fastest growth rate during the projected period.
- The orthotics segment held a dominant position in the market in 2024.
- The prosthetics segment is predicted to grow at the fastest CAGR in the near future.
Drivers
The prosthetics and orthotics market is primarily driven by the rising prevalence of musculoskeletal disorders, diabetes-related amputations, and an aging population. As the global elderly population grows, the demand for assistive mobility solutions, including prosthetic limbs and orthopedic braces, continues to increase.
Additionally, technological advancements, such as 3D printing and AI-powered prosthetics, are enhancing product efficiency and customization. Increasing healthcare expenditure and government initiatives supporting rehabilitation services are further fueling market growth.
Opportunities
The market presents significant opportunities due to the growing adoption of smart prosthetics integrated with sensors and robotics, improving user mobility and comfort. Additionally, the increasing focus on personalized healthcare solutions is driving demand for customized orthotic and prosthetic devices.
Emerging markets in Asia-Pacific and Latin America are witnessing rapid growth due to rising healthcare awareness and expanding medical infrastructure. Furthermore, partnerships between research institutions and medical device companies are leading to innovative product developments, improving patient outcomes.
Challenges
Despite growth prospects, the market faces several challenges, including high costs associated with advanced prosthetic and orthotic devices, which limit accessibility in low-income regions. Insurance coverage limitations and reimbursement complexities in several countries also hinder market expansion.
Additionally, the lack of skilled professionals in the field of prosthetics and orthotics affects product fitting and patient care quality. Addressing these challenges requires increased government funding and training programs for healthcare professionals.
Regional Analysis
North America dominates the prosthetics and orthotics market due to its advanced healthcare infrastructure, high adoption of innovative technologies, and supportive reimbursement policies. Europe follows closely, driven by a well-established medical device industry and rising demand for orthopedic solutions.
The Asia-Pacific region is expected to witness the fastest growth, attributed to increasing healthcare investments, a rising number of diabetes-related amputations, and a growing geriatric population. Latin America and the Middle East & Africa are also emerging markets, where improving healthcare accessibility is expected to boost demand for prosthetic and orthotic solutions.
Prosthetics and Orthotics Market Companies
At present plentiful makers are striving hard to surpass its opponent by providing better-quality devices. In the prosthetics and orthotics market, the major foremost players are adopting numerous key strategies such as mergers & acquisitions, partnerships, agreements, collaborations, and new product development to gain a competitive advantage in the global market. Substantial companies competing in the prosthetics and orthotics marketplace are as follows:
- Ossur
- Fillauer LLC
- Ottobock Healthcare GmbH
- Blatchford Inc.
- Ultraflex Systems Inc.
- Shapeways, Inc.
- Hanger, Inc.
- Bauerfeind AG
Segments Covered in the Report
By Type
- Orthotics
- Upper Limb
- Lower Limb
- Spinal Orthotics
- Prosthetics
- Upper Extremity
- Lower Extremity
- Liners
- Sockets
- Modular Components
By Technology
- Conventional
- Electric-powered
- Hybrid Orthopedic Prosthetics
By End Users
- Hospitals
- Prosthetics Clinics
- Rehabilitation Centre
- Others
By Regional Outlook
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Asia Pacific
- China
- India
- Japan
- South Korea
- Latin America
- MEA
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